Jan 11
8
Facebook and Money
Facebook is seeing unprecedented growth in a sector that many didn’t see – its games sector. Companies like Zynga are making millions creating Facebook-exclusive games such as Farmville and Mafia Wars.
These cloud-based games have created a steady consumer base for the popular social networking empire. The major reason for this sudden rush in popularity is the hype surrounding Facebook and the ease of buying things using the approved Credits.
The Credits system was created to allow Facebook users to have a common virtual currency that can be used in a variety of ways. Facebook users can buy virtual currency (Credits) and use them to buy upgrades for games and virtual gifts to send to friends. Analysts foresee a larger future for Credits.
Some experts even speculate if the social network pioneer could overtake PayPal as the premier international virtual currency exchange. This would position Facebook to eclipse Google as the one-stop destination on the web. People are able to log in to many websites using their Facebook accounts; many of these are commerce sites.
Credits could be used anywhere that allowed Facebook user profiles access. The versatility of Facebook allowing users to shop while updating their profiles is enticing. Facebook downplays any prospective plans surrounding any future involvement with Credits.
A spokesperson commented that Facebook is expected to be working with the Credits system extensively in the coming months. The prospect of Facebook shaping the way people spend money is not as far-fetched as it sounds.
Just a few short years ago, many people had MySpace accounts, while only a few eggheads had Facebook profile. Now things are quite different. Facebook stayed viable by listening to the market and adapting. Using Credits to personalize user experiences online is just one more innovation that will change the virtual world.
